Nokian Tyres plc: Items affecting comparability in April-June 2020
Nokian Tyres plc Inside Information June 24, 2020, 8:00 a.m.
Nokian Tyres plc will record approximately EUR 42 million of expenses as non-IRFS exclusions affecting comparability in the company's operating profit in the second quarter of 2020. Of the amount, approximately EUR 30 million are non-cash items.
The non-IFRS exclusions are:
- Impairments and write-downs of tangible and intangible assets, and certain other items. These amount to EUR 25 million, of which approximately EUR 18 million is related to Vianor and approximately EUR 7 million to the Passenger Car Tyres business, generating savings of approximately EUR 4 million which are expected to materialize in the Group’s results in 2021.
- Approximately EUR 11 million arising from the unification of the Group’s accounting principles of product development costs and related write-offs of certain tangible and intangible assets in the Passenger Car Tyres business.
- Approximately EUR 6 million arising from non-operative items, which are not indicative of Nokian Tyres’ underlying business performance.
Nokian Tyres plc
SVP, Communications and Investor Relations
Teemu Kangas-Kärki, CFO, tel: +358 10 401 7750
Distribution: Nasdaq Helsinki, media and www.nokiantyres.com
Nokian Tyres develops and manufactures premium tires for people who value safety and sustainability. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2019, the company’s net sales were EUR 1.6 billion and it employed some 4,700 people. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com